Refer to the accompanying figure. When this market is in equilibrium, total producer surplus in the market is ________ per day.
A. $500
B. $375
C. $0
D. $250
Answer: D
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If the marginal cost for Dinky's Donuts to advertise one additional day each week in the local newspaper is $200, then Dinky's Donuts should advertize that additional day
A) until the marginal benefit the company receives reaches zero. B) as long as the marginal benefit the company receives each week is just equal to or greater than $200. C) as long as the weekly marginal cost does not rise. D) only if the marginal benefit the company receives each week is greater than $200 plus an acceptable profit margin.
The demand for insulin will be _________________ than the demand for a Caribbean cruise in general
a. More elastic b. More inelastic c. Less elastic d. Less inelastic
Suppose two economists agree about who would be helped or hurt by certain legislation, but disagree about whether the legislation would be a good idea. These disagreements
a. are positive in nature b. are minor and rarely lead to different policies or conclusions c. are normative in nature d. occur as the result of a mistake made by an economist e. occur because economic models are more complex, and subject to error, than the real world
The appropriate formula for computing Gross Domestic Product using the income approach (excluding depreciation and indirect income taxes) is
A. wages + rent + interest + profits + indirect business taxes. B. wages + rent + interest + profits. C. wages + rent + interest + profits + indirect business taxes + depreciation. D. consumption + investment + government spending + net exports.